3 Trump Traits To Strike Better Deals For Little House Fans
Donald Trump can be hated and loved by many. I am not going to turn this into a political discussion in any way. But love it or hate it, there are traits that (especially in your early years) can teach you lessons on how to become a better real estate / mobile home investor.
I noticed some cool things about him when my wife and I watched a couple of episodes of a Trump documentary series on Netflix.
Of course, all documentaries are biased in nature, but this one (surprisingly) played a role in favoring Trump.
Regardless of his political position and opinion of Trump, the man was a negotiator.
Especially in his younger days where he was less of a jerk to others (I’m talking about his insults and attacks … which are pretty funny when you watch him).
Anyway, this is how he operated when he was buying buildings for the first time (at least from what I see in his first success: the Grand Hyatt Hotel):
– You contacted the owner of a malfunctioning commercial building.
– I negotiated a high price (the owner was motivated)
– I knew at what price to buy it
– I made a good deal with the owner.
– Call to investors (did not have money to buy it)
– Negotiated with the city a 40-year tax break (imagine the annual taxes you would have to pay for a billion dollar building in New York?)
– Negotiated with contractors
– He never staggered in his view of the hotel.
– He hired the best people for the position (he even hired a female [gasp!] to the position of chief engineer … and this woman was a tough cookie.
– Completed the 7-year project
– Became the expert on hotel construction (downsizing is probably one of the best things you can do as a real estate investor).
Anyway, that sounds a lot like how people do business in the SFR business … or even the mobile home business. No matter how big or small, there are a ton of “deals” going on behind the scenes. Making deals is a learned skill. Trump learned it from his father (Fred Trump) when he was working in his father’s commercial apartment business.
“Making deals” is just what I described earlier … the art of the bargain … that Trump was excellent at. So getting better at “negotiating” starts with some traits that Trump was very familiar with:
1. He stood firm (he did not let the city intimidate him into not sweeping up his original agreement with him regarding the tax exemption)
2. He had a huge network of resources (he did his best to make himself known)
3. Knew more about the subject than the other guy (having previous experience in the smaller retail space helped)
4. He had powerful people behind him (the lawyer he had was the most feared lawyer in New York representing the mob) … having someone behind you to guide him is a great help in building a good real estate business .